Pound (GBP) weakens amid UK economic anxiety
The pound (GBP) fell yesterday as a lack of new data left investors to dwell on recent warning signs around economic and fiscal risks in the UK.
This saw Sterling slip against many of its peers, despite an upbeat market mood.
For GBP investors, the spotlight falls on the UK’s latest GDP figures today. With the British economy contracting for a second consecutive month in May, Sterling has dipped this morning.
Euro (EUR) softens despite EU-US trade hopes
The euro (EUR) also stumbled against its stronger rivals yesterday, with EUR unable to draw support from hopes that an EU-US trade agreement may be within reach.
The prevailing risk-on market mood dampened demand for the safer euro, while a later recovery in the US dollar (USD) also pressured EUR.
Germany’s latest wholesale prices data may affect EUR today. Signs of easing price pressures in the Eurozone’s largest economy may pressure the euro, if it increases bets on another European Central Bank (ECB) interest rate cut.
US dollar (USD) rebounds as jobless claims drop
The US dollar started yesterday’s session on the back foot amid an improving market mood and signs of a dovish split at the Federal Reserve following the bank’s latest meeting minutes.
However, the ‘greenback’ rebounded in the afternoon as an unexpected decline in US jobless claims last week helped to temper bets on a Fed rate cut this month.
US economic data is in short supply today. As a result, risk appetite, tariff headlines and Fed rate cut bets could all impact USD.
Canadian dollar (CAD) mixed as oil prices soften
The crude-linked Canadian dollar (CAD) fell against its stronger peers yesterday as oil prices weakened, although the rebound in USD helped to boost CAD against its weaker counterparts.
Canada’s jobless rate is the focus for CAD investors today. Could an uptick in unemployment weigh on the ‘loonie’?
Australian dollar (AUD) wobbles amid uncertain mood
The Australian dollar (AUD) fluctuated in overnight trade, moving sideways overall, as a lack of data and a mixed market mood left AUD lacking a clear direction.
New Zealand dollar (NZD) wavers lower as factory activity remains weak
The New Zealand dollar (NZD) also faced some choppy movement overnight, although another contraction in New Zealand manufacturing, as reported in the latest PMI, weighed on NZD.
Never miss a movement. Create a free account with Currencies Direct to get the latest currency news delivered straight to your inbox. You can also set up rate alerts and check live rates 24/7.
